Lorena is a single mother of two adult children from Northern Mindanao, Philippines. She has been in Singapore for 14 years, and her goal is to build a boarding house and run a small farm when she returns in five years’ time.
“It will take another five years. I already bought a residential lot for the construction of boarding house, I bought two sets of farm machinery to use for my farm.
By the end of this year, I will have fully paid for my house and lot, which I bought in 2010 and by 2021, I won’t have to pay my children’s school fees or house amortisation, so I can target savings of $500 per month to reach the $30,000 I need.
“The important thing is I know to take all the savings I can afford out of my income immediately, otherwise it doesn’t get saved. In recent years, paying for my children’s education has reduced how much I can save, but I will soon be able to save between 60% and 80% of every month’s income.
“You have to believe you can do it. Think positive, spend wisely, learn how to manage your finances, and differentiate your needs and wants. And lastly, share your blessings, the more you share, the more blessings are returned to you.”
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